Coins of the Week: Crypto Comeback Amid SEC Retreat and Germany’s Bitcoin Depletion

After weeks of “price spikes,” digital assets have been recovering slowly but steadily as government policies lose control of the overall market.

Although it was mostly traded sideways, Bitcoin Price It closed at $57,966 over the weekend, up a modest 3.3% over the past seven days, and remains well above its low of $53,900 last Friday.

The major crypto asset now seems almost free from the selling pressure of the German government, which sent its last bitcoin to exchanges on Friday. The country’s wallet, which boasted 50,000 BTC for several months until the end of June, is now down to zero.

The Bitcoin sell-off from Germany, the US, and Mt. Gox lenders has been the dominant narrative that has sent all cryptocurrencies into a tailspin over the past few weeks. Now, with Bitcoin’s mining difficulty dropping significantly and short-term traders panic-selling at a loss, on-chain analysts believe the asset may have reached a local bottom or is close to it.

This is also good news for altcoins, which have fared much better than Bitcoin this week. Ethereum (ETH) finished the week up 5.5% at $3,126, and the Ethereum ETF issuer has completed the final paperwork with regulators before launching the product.

ETH holders received some regulatory relief this week after CFTC Chairman Rosten Benham reported that ETH was “reaffirmed” as a commodity in a federal court ruling earlier this month. While the decision is non-binding, it is something the courts could consider in future cryptocurrency-related cases, particularly those involving smaller tokens.

In fact, many of these tokens have seen significant gains this week. BNB is up 6.8% after Paxos confirmed on Thursday that the SEC has dropped its investigation into its sister stablecoin, Binance USD (BUSD). XRP and Cardano (ADA), tokens that have historically been investigated by the SEC, are both up a whopping 19%.

Stacks (STX), a blockchain infrastructure provider, gained 21.5% on Friday after the SEC closed its three-year investigation into the company.

Looking at cryptocurrency stocks, MicroStrategy (MSTR) is up 6.06% over the last five trading days. This number is expected to drop even further in the coming weeks, as the company is set to conduct a 10-for-1 stock split on August 8.

Edited by Ryan Ozawa.